Lloyds Bank reported an increase in operating costs in the first quarter driven by higher inflation and increased investment in technology.  “Cost management remains a core discipline for us as a group,” Chief Financial Officer William Chalmers said during the bank’s earnings call today. Operating costs “include expected elevated severance charges taken early in the…

Stripe continues to hold the title of being the biggest financial technology business still in private hands, with a current valuation of about $65 billion and a whopping $1 trillion in total processed payment volume last year alone. But fintech is fragmented and a fast-moving target, and with competitors chipping away at its place, Stripe is…

Navy Federal Credit Union selected SaaS core modernization provider Zafin to update its core and move away from its legacy mainframe.   “We selected Zafin to help us as we work to externalize our products and pricing from the banking core,” Pete Amstutz, senior vice president of savings and membership at Navy Federal, told Bank Automation…

Sanlo, a fintech startup that helps gaming companies manage finances, announced Wednesday the closed beta launch of its webshop tool, giving select game developers and studios a plug-in-play solution that works alongside their existing tech stacks. Gaming companies can join the waitlist starting today. With Google and Apple charging a 30% fee for in-app purchases,…

Bank of America’s innovation is never complete since its team constantly updates offerings to meet ever-changing client needs.   “At Bank of America, innovation is everybody’s job,” Jorge Camargo, managing director of mobile app, online banking and Erica AI at Bank of America, told Bank Automation News. “We’re constantly listening to clients and building solutions…

There’s a huge furore in Britain about debanking: the process where a bank says we cannot trust you anymore so get lost. It happened to Nigel Farage, a high profile figure, and now it’s happened to me. What happened? My bank basically decided that my regular withdrawals from a crypto exchange looked like money laundering……

Things we’re reading today include … Goldman Sachs becomes latest bank to withdraw from London – The CFO (the-cfo.io) JPMorgan’s Jamie Dimon Has a Tech Rival: Silicon Valley Bank – Bloomberg UK bankers warned of ‘severe losses’ if they fail to monitor private equity exposures | Private equity | The Guardian The Fintech Files: Has……

Uplinq, a credit decisioning support platform for small business lenders, named former Wells Fargo leader Derek Ellington as its strategic adviser.   “Most recently, [in] my role running small business at Wells Fargo, which is one of the largest small-business operations in the industry, I gained a lot of insight into gaps that continue to exist…

Financial services technology provider Fiserv is deploying AI to drive productivity and sees growth opportunities in the point-of-sale and real-time payments segments.  “Our investment in technology is really around new product development, improved service and the ability to deliver the next dollar of revenue at a better incremental cost by investing in productivity … and…

Goldman Sachs Group Inc. is closing down its automated-investing business for the masses after clinching a deal with Betterment. The bank has struck an agreement to transfer clients and their assets from the unit known as Marcus Invest to Betterment, a $45 billion digital investment-advisory firm. The transfer is expected to be completed by the…